Malaysia's Prime Minister Najib Razak speaks to the media at a mosque outside Kuala Lumpur, Malaysia, July 5, 2015. [Photo/Agencies]

KUALA LUMPUR - Malaysian Prime Minister Najib Razak said Sunday that he will decide in the next few days on the form of action he will take on the media allegations that funds from a government investment has been transferred to his personal bank accounts, Bernama, Malaysia's state news agency reported.

The Wall Street Journal and the Sarawak Report reported on Friday that nearly 700 million U.S. dollars from the controversial state investment fund 1Malaysia Development Bhd., or 1MDB, has been transferred to Najib's personal account.

Najib said at a press conference that he has referred the report of The Wall Street Journal to his lawyers, who would advise him on the next course of action that he may take within the country and internationally.

"I will make a decision on the next course of action regarding the malicious accusations in a few days," he added.

After the media allegations were released, Malaysian Prime Minister's Office (PMO) said reports claiming funds from a government investment fund has been transferred to the personal bank accounts of prime minister is "political sabotage."

On the same day, 1MDB also said in a statement that the reports claiming it transferred funds to prime minister is highly irresponsible and a deliberate attempt to undermine the company.

The prime minister also denied the allegations, accusing his opponents of conspiring to overthrow him.

Najib is under mounting pressure and criticism over reports that the 1MDB which he launched after taking office in 2009 was in massive debt. Mahathir Mohamad, the country's longest serving prime minister and a former mentor of Najib, has openly called for the prime minister to resign. Najib denied any wrongdoings and refused to step down.